Colombia-Canada FTA Expected to Enter into Force by July 1

The Government of Colombia has cleared the last procedural hurdle to implement the Colombia-Canada Free Trade Agreement (FTA), with the Colombian Constitutional Court’s ruling on the constitutionality of the pact.  This, coupled with diplomatic procedures expected to take place over the next couple of months, sets the stage for implementation of the FTA by July 1, 2011.

 

Facts about the FTA and Colombia’s trade ties with Canada:

  • When the FTA enters into force, Colombia will eliminate tariffs on 98 percent of Canadian goods, both immediately and within 10 years of implementation.
  • Colombia will immediately remove tariffs on Canadian exports of wheat, barley, lentils, peas, beef, paper products and machinery and equipment.
  • Colombia will also eliminate the use of its price band system on select products, including wheat, barley and pork.
  • Canada is Colombia’s second largest supplier of wheat, accounting for 33 percent of total imports in 2009, up from roughly 18 percent in 2008.
  • Colombian imports of barley from Canada have increased by 46.3 percent over the past five years.
  • Canada is one of the world’s top exporters of pork. Between 2004 and 2009, pork exports to Colombia increased by 534.1 percent.

In 2010, bilateral trade between the two countries accounted for more than $1.3 billion, which is expected to increase when the FTA enters into force.

Learn more here.

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